Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
Chancellor Friedrich Merz and Finance Minister Lars Klingbeil announced the “growth booster” package on Wednesday. It includes tax breaks for businesses and a planned cut to corporate tax rates — from 15% to 10% — gradually starting in 2028.
The centerpiece is a generous tax write-off for companies investing in machinery and equipment over the next three years. Additional incentives will support the purchase of electric vehicles and private-sector research through mid-2027.
“We’re making Germany more competitive,” Klingbeil said, as the country tries to spark growth in an economy expected to stagnate this year.
The measures still need approval from parliament.
The new package is separate from a €500 billion fund already passed by lawmakers to modernize infrastructure across Germany over the next 12 years. Formal legislation for that fund is expected later this month.
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Russian President Vladimir Putin has said that he thinks there is a chance of a peace being reached with Ukraine. He told the Eastern Economic Forum in Vladivostok, Russia that he believed there was "a chance of finding a solution," to the conflict.
The U.S. has launched a fresh wave of strikes on Iran, targeting Islamic Revolutionary Guard Corps (IRGC) sites as Tehran retaliated against U.S. positions across the region, while Iranian officials said at least five people were killed and dozens wounded at a wedding near Sirik.
The Iranian Health Ministry said at least 18 people were killed and 142 others injured in U.S. airstrikes carried out between 30 August and 2 September.
The European Union's foreign policy chief Kaia Kallas says the bloc will tighten enforcement of sanctions against Russia over its war in Ukraine. EU foreign ministers were meeting in Ireland following renewed Russian strikes on cities across Ukraine.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 3rd of September, covering the latest developments.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
Kazakhstan has received a fresh vote of confidence in its economy after S&P Global Ratings upgraded the country’s credit rating, citing stronger public finances, solid reserves and steady economic growth.
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